Word: bankes
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Dates: during 1930-1939
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...Donald P. Kenyon, the "New York Group'' has apparently been at odds with the New Jersey stockholders for some time. At week's end it was reported that control had returned across the Hudson River to New Jersey, that after a cleanup the bank would apply for reinstatement. Financially, the whole affair was distinctly small time. Bergen Trust's deposits were about $1,000,000. But FDIC's crackdown did remind bankers that its supervisory function is almost as important as its insurance function. After a warning a bank is allowed 120 days to mend...
When Bergen Trust passed the deadline, FDIC promptly notified all depositors, thus broadcasting the bank's shortcomings to those best able to bring the management to heel. Insurance on present deposits continues two years after cancellation but new deposits are unprotected...
...attorneys' fee, but under no conditions admit "any remissness" (TIME, Feb. 15). Mr. Doherty thereby concocted a formula which other rich men, suspected of remissness by their past or present stockholders, could readily adapt to their own needs. Last week Albert Henry Wiggin, boomtime head of Chase National Bank, offered $2,000,000 to settle stockholders' actions brought after Bankster Wiggin's embarrassing session with Ferdinand Pecora and the Senate Banking & Currency Committee in 1933. In his offer Mr. Wiggin revealed that he had already paid out more than $1,000,000 in settlement of similar suits...
...which negligence is charged, I assume sole responsibility for losses sustained by such negligence, if any, for the purposes of this settlement." Acceptable to the suing stockholders, Mr. Wiggin's offer must be approved by the courts. Payments by the Hayden and Ledyard estates would go to Chase Bank, while the Wiggin money would be divided equally between the bank and Amerex Holding Corp., successor to Chase Securities. Bankster Wiggin's terms were 25% down and the balance in three equal annual installments...
Fortnight ago a new Manhattan group including Frank Arthur Vanderlip Jr., 30, son of the onetime president of Manhattan's big National City Bank, sent a letter to stockholders soliciting proxies to use at the annual Reo meeting this week for the purpose of "revitalizing" the board. Wrote young Mr. Vanderlip: "[We have made] an exhaustive and careful investigation of a new plan for automobile and truck production and sales. ... We propose to have the company go ahead with this plan." Automotive Daily News said that the plan provided for production of 40,000 vehicles per year,* which obviously...